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Bailout

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NEWS
December 15, 2008
The Senate's inability to throw a lifeline to Detroit has compelled the Bush administration to step in with loans to the automakers to prevent an economic calamity. Nobody likes rewarding General Motors and Chrysler for failure. But the economy, which already has lost nearly two million jobs this year, can't withstand the body blow from the collapse of one or more of the Big Three. It could result in the loss of three million more jobs. In Pennsylvania, which has been hit hard by job losses and mortgage foreclosures, about 120,000 workers are tied to the auto industry.
NEWS
December 10, 2008 | By DAVID GAMBACORTA
Just in time for the holidays, here's the first installment in a maybe not-so-fanciful look at how the economic woes might affect North Pole Toys LLC. WASHINGTON - Santa Claus, Mrs. Claus and elf union leaders genuflected before Congress yesterday and begged for an emergency $18 billion bailout. Claus painted a bleak picture of his toy manufacturing and delivery company during an unprecedented - and sometimes volatile - three-hour session. "I'm not going to lie to you, folks," Claus said at the start of the hearing.
NEWS
September 22, 2008 | By Miriam Hill INQUIRER STAFF WRITER
Sen. Arlen Specter yesterday called for Congress to avoid a "rush to judgment" in considering legislation to solve the country's financial problems. Specter (R., Pa.) said he shared the public's "skepticism about legislation which will let Wall Street off the hook and pay insufficient attention to Main Street, middle class Americans. " In a letter to Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, Specter wrote that he was concerned that Congress was rushing to complete a $700 billion-plus bailout package before adjourning this Friday.
NEWS
November 23, 2008
The frustrating part about auto executives' presumptuous attitude toward a taxpayer bailout is that they are probably right - they are too big to fail. But the chiefs of General Motors, Chrysler and Ford didn't help their cause by arriving in Washington in private jets to ask Congress for a handout. The move typified the industry's cluelessness. Lawmakers didn't promise to rescue Detroit, but they didn't rule out a bailout, either. Congressional leaders said they might return to Washington on Dec. 8 to consider $25 billion in emergency aid, provided the automakers come up with a workable plan to become competitive.
NEWS
June 15, 2011
A new Federal Communications Commission report that criticizes the idea of a federal bailout of failing media companies makes sense to journalists who fear such an effort might cost more than it's worth. The objectivity that the public wants from news agencies would be threatened if the bailout led to a cozy relationship between government and the Fourth Estate. Of course, conservatives fear public funding would free media no longer in need of as much advertising revenue to be more liberal.
NEWS
January 28, 2009
Everyone, it seems, is looking for a bailout. Many leading financial firms have already received billions from the federal government, and some are already back for a second helping. Likewise, many states and cities are counting on stimulus funds from the feds to help balance their budgets. So let's remember that with any and all of the recommendations for the latest $825 billion stimulus package - whether it's the increased spending favored by Democrats or the tax cuts preferred by Republicans - the money is all borrowed and will have to be paid back by taxpayers.
NEWS
September 21, 2008
The unprecedented taxpayer bailout of Wall Street and the banking industry is as necessary as it is infuriating. Spawned by greed and reckless lending, the worst financial crisis in decades has left policymakers without any good options for fixing the mess. The Bush administration's rescue plan, to be presented to Congress in the next few days, will put taxpayers on the hook for hundreds of billions of dollars. Your grandkids will be paying that bill because Wall Street titans were more interested in seven- and eight-figure bonuses than in sound investment practices.
NEWS
July 15, 1998 | by John M. Baer, Daily News Staff Writer
There will be no state bailout for financially sinking Allegheny Health, Education and Research Foundation, but Gov. Ridge and Mayor Rendell are speeding up $11 million in state and city payments to keep the foundering health system afloat. The accelerated money - $9 million in state welfare and education dollars, $2 million in city mental health money - is being fast-tracked for payment to system hospitals next week, about a week earlier than due. The effort, said Rendell, "might buy some time" to avoid system-wide failure and the loss of thousands of Philadelphia jobs.
NEWS
April 16, 2004
Mayor Street just gave PGW a pardon worth $90 million, and pushed back the repayment of a loan worth $45 million to the year 2008. While it'll be a pleasure to know that Street will be leaving office in 2008, it still puts a huge hole in his budget while virtually wiping out what little was left of that huge surplus the city had not too long ago. It's illogical to think that the preservation of the value of a grotesquely mismanaged public...
NEWS
December 21, 2008
President Bush's bailout of General Motors and Chrysler prevents an economic calamity, for now, and dumps the responsibility on his successor to enforce the vague terms. In agreeing to lend the automakers $17.4 billion, Bush really had no options. GM and Chrysler would have run out of money by the end of the month, a failure that could have resulted in the loss of up to three million middle-class jobs next year. On top of the two million jobs lost this year, such a blow would have deepened a recession that is already the worst in a quarter-century.
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NEWS
June 4, 2016 | By Andrew Maykuth, STAFF WRITER
Exelon Corp. said Thursday that it will give early retirements to Illinois nuclear power plants it says are among its best performers, now that the state Legislature declined to act on the company's request for financial support. Exelon - the parent company of Philadelphia-area utilities Peco Energy, Atlantic City Electric, and Delmarva Power & Light - announced that it would retire its Quad Cities and Clinton plants, which have lost a combined $800 million in seven years in electricity markets depressed by low natural-gas prices.
BUSINESS
April 29, 2016 | By Harold Brubaker, STAFF WRITER
A federal jury on Wednesday found two leaders of the defunct Nova Financial Holding Inc. guilty of a scheme to defraud the U.S. Treasury Department's bank bailout program in 2009. Prosecutors charged that Barry R. Bekkedam, the bank's founding chairman, and Brian M. Hartline, its chief executive, orchestrated a series of fraudulent loans to customers who would then invest the money back into Nova in a bid to qualify for $13.5 million in federal bank bailout funds. The scheme fell apart after the treasury department rescinded its offer of bailout money for unrelated reasons.
BUSINESS
January 9, 2016 | By Joseph N. DiStefano, Staff Writer
A federal grand jury in Wilmington has indicted the former Wilmington Trust Corp. on criminal charges, alleging the bank illegally hid hundreds of millions of dollars in land-development loans that were so delinquent that one banker called them "credit turds. " Although a number of larger U.S. banks were forced to sell themselves at bargain-basement prices as property values collapsed in the recession, Wilmington Trust is the only bank bailed out by the Troubled Asset Relief Program to face criminal charges, according to Charles Oberly, U.S. attorney for Wilmington.
BUSINESS
October 19, 2015
'We bet on America when everyone else was running for the hills," boasts hedge fund manager Gary Hindes . As an investigative reporter in the 1970s, Hindes was kicked out of a federal archive in Wilmington. He later led Delaware's Democratic Party, helping Joe Biden build a prodigious network beyond its narrow borders. His Fallen Angels Fund buys deflated securities, and fights to reinject lost value. Often, that means fighting government agencies to fix what Hindes contends are wayward bailouts.
NEWS
February 2, 2015 | BY DAVID GAMBACORTA, Daily News Staff Writer gambacd@phillynews.com, 215-854-5994
C'MON YOU GUYS, let's turn those frowns upside down! OK, so maybe Vice President Joe Biden didn't bust out preschool encouragements like that one yesterday while addressing the House Democratic caucus at the Sheraton Philadelphia Society Hill Hotel. But he did urge the crowd of congressmen and women to stop lamenting their losses in the November midterm election, and focus instead on telling voters a happy story about a little place called America. Biden said the country was on the brink of entering another Great Depression when he and President Obama took office in 2009: Nearly a million people had lost their jobs, and banks and the automotive industry were about to topple.
NEWS
July 16, 2014 | BY WILLIAM BENDER, Daily News Staff Writer benderw@phillynews.com, 215-854-5255
IS A taxpayer-funded nonprofit tied to state Rep. Louise Bishop getting a secret bailout from the Laborers union? That's what some Laborers' Local 332 members are asking after the union quietly purchased the Louise Williams Bishop Retail and Commercial Center, a mostly vacant building at 59th Street and Lancaster Avenue. Construction on the shopping center, originally named after the West Philly state representative who obtained public grants for the project, began in 2010, but it was never completed.
NEWS
August 11, 2013 | By Troy Graham, Inquirer Staff Writer
At the heart of the impasse that Philadelphia School Superintendent William R. Hite Jr. says is threatening his ability to start class on time this fall are two men - Mayor Nutter and City Council President Darrell L. Clarke - who have known each other for decades and rarely seem to agree. Their latest difference of opinion centers on part of a state bailout for the schools that calls for the city to borrow $50 million against future sales tax collections. Clarke says the state gave Philadelphia a "bad deal" without consulting key city politicians, and he wants to change the terms of the bailout.
BUSINESS
July 26, 2013 | By Tom Krisher, Associated Press
DETROIT - General Motors stock would have to sell for $95.51 per share for taxpayers to break even on bailing out the company, according to a government watchdog's report released Wednesday. That price is about three times what GM shares are selling for now, even after a 25 percent increase in the price so far this year. "There's no question that Treasury, the taxpayers, are going to lose money on the GM investment," Special Inspector General Christy Romero, author of the July quarterly report to Congress, said in an interview.
NEWS
July 20, 2013
Herbert Allison Jr., 69, the former president of investment bank Merrill Lynch and a key official in the U.S. response to the financial crisis that erupted in 2008, died Sunday of an apparent heart attack at his home in Westport, Conn., said his son Andrew. Mr. Allison spent the bulk of his career - 28 years - at Merrill Lynch. Three years after leaving the investment bank, he became chief executive of TIAA-CREF, which manages the retirement accounts of teachers and nonprofit-sector employees.
NEWS
June 26, 2013 | By Patrick Kerkstra
Gov. Corbett has belatedly realized what's been obvious for years: The state's utterly inadequate funding of K-12 education is a massive political liability for him, one that could well sink his reelection. The attention is welcome, even if the deal he is cooking up to bail out the city's schools is an atrocious one for Philadelphia taxpayers. Corbett's epiphany that education matters was likely helped along by two new polls commissioned by organizations frantic to ensure that Philadelphia's public schools open in the fall with something more than a skeleton crew of teachers and a principal.
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